Just like the person who reads to obiituaries to see if they died I rushed to read the Trulia report about the top 10 cities who have experienced the largest drop in home prices.
The research says that 24.6 percent of current homes on the market in the United States as of July 1, have had at least one price cut, totaling $27.1 billion in reductions.
Were they over priced to begin with? By how much?
The average price-reduced home has had a 10.4 percent reduction, down slightly from 10.6 percent as of June 1.
Are realtors and sellers pricing homes too high in anticipation that there will be low offers?
Some areas appear to be stabilizing quickly with the overall number and percentage of price reductions declining, including Las Vegas, Los Angeles, Dallas, Washington, D.C., and Baltimore.
"All real estate is local and we're seeing glimmers of hope as price stabilization occurs in major cities across the nation, including some of the earliest hit cities that have experienced huge declines in the past few years," says Trulia CEO Pete Flint.
The top-10 cities with the most price reductions as of July 1 are:
- Jacksonville, Fla., 39 percent
- Boston, 35 percent
- Minneapolis, 33 percent
- Milwaukee, 33 percent
- Honolulu, 33 percent
- Tucson, Ariz., 31 percent
- Chicago, 31 percent
- New York, 31 percent
- Austin, Texas, 31 percent
- Raleigh, N.C., 31 percent